Unisys schemes derisk with £300m buy-ins
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The iPSL section of the Unisys Payment Services Ltd Pension Scheme and the Unisys Public Sector Pension Scheme have completed full scheme buy-ins covering about 2,400 members.
The £300m deal with Standard Life was concluded in November last year, after an initial market broking exercise in early 2023. Unisys is a global IT services company based in the US.
The trustees initially let Standard Life monitor the schemes’ positions over time, until the buy-ins became affordable in the second half of the year. The scheme locked in the positions in just three weeks, according to the insurer.
“This milestone step is the culmination of a wider journey of derisking for the schemes with the support of the sponsoring employers,” said Hetal Kotecha, a trustee director at Independent Governance Group who chairs the schemes.
Kieran Mistry, senior business development manager at Standard Life, said: “The co-operation and engagement of all parties was exceptional, facilitating these buy-ins on accelerated timelines, and re-enforcing the importance of being adaptable and agile.”
Mercer was lead transaction adviser to the trustee, with Gowling WLG providing legal advice.
